=+18-17 Exercises in compound interest, no income taxes (Revision: financial mathematics)

To be sure that you understand how to use the tables in the Appendix at the end of this book, solve the following exercises. Ignore income tax considerations. The correct answers, rounded to the nearest dollar, appear on pages 724–725.

Required 1 You have just won $5000. How much money will you accumulate at the end of 10 years if you invest it at 6% compounded annually? At 14%?